BRKR  Bruker Corporation

Exchange

NASDAQ

Sector

Capital Goods

Industry

Biotechnology: Laboratory Analytical Instruments

Market Cap.

3.70B

Vuru Grade

59.03/100

Current Price

$23.19
-0.03 (-0.13%)

Growth Price

$10.97
Overvalued by 52.68%

Stability Price

$7.54
Overvalued by 67.47%

Company Metrics

  • P/E 24.41
  • P/S 2.3
  • P/B 5.4
  • EPS 0.95
  • Cash ROIC 13.45%
  • Cash Ratio 0.95
  • Dividend 0.16 / 0.7%
  • Avg. Vol. 695,588.00
  • Shares 159.55M
  • Market Cap. 3.70B

Company Description

Bruker Corporation designs, manufactures, services, and markets life science and materials research systems. The company's Scientific Instruments segment provides advanced instrumentation and automated solutions based on technologies, including magnetic resonance, mass spectrometry, gas chromatography, X-ray, spark-optical emission spectroscopy, atomic force microscopy, stylus and optical metrolog... more


Download 10 Years of Financial Statements:
Income Statement   Balance Sheet   Cash Flow

News

Bruker and Oxford Instruments Announce Acquisition of Oxford Instruments ...
PR Newswire (press release) - Nov 17, 2016
17, 2016 /PRNewswire/ -- Oxford Instruments plc (LON: OXIG) and Bruker Energy and Supercon Technologies, Inc. (BEST), a subsidiary of Bruker Corporation (NASDAQ: BRKR), today announced that they have closed the acquisition of Oxford Instruments ...
Bruker Announces Acquisition of Nanoindenting Leader Hysitron
PR Newswire (press release) - Jan 24, 2017
BILLERICA, Mass., Jan. 24, 2017 /PRNewswire/ -- Bruker today announced that it has acquired Hysitron, Inc., a technology leader in the development, manufacture, and sale of nanomechanical test instrumentation.
Bruker buys nanomechanical gear maker Hysitron - Seeking Alpha
Bruker Announces Acquisition of Nucleic Acid Testing (NAT) Assays and ...
PR Newswire (press release) - Nov 2, 2016
BILLERICA, Mass., Nov. 2, 2016 /PRNewswire/ -- Bruker today announced a technology acquisition in support of its microbiology business and its world-leading MALDI Biotyper microbial identification platform.
Bruker Corporation to Present at Investor Conferences
PR Newswire (press release) - Feb 27, 2017
A live audio webcast of both presentations will be available on the Investor section of the Company's website at http://ir.bruker.
Alcami Invests in Bruker's D8 DISCOVER HTS™ System for High-Throughput X-Ray ...
PR Newswire (press release) - Mar 3, 2017
WEERT, Netherlands and KARLSRUHE, Germany, March 3, 2017 /PRNewswire/ -- Alcami, a leading provider of custom development and manufacturing services for the pharmaceutical and biotechnology industries, and Bruker AXS, one of the world's ...
Bruker Announces Unique and Comprehensive Workflows For Biopharmaceutical ...
PR Newswire (press release) - Jan 24, 2017
WASHINGTON, Jan. 24, 2017 /PRNewswire/ -- At the CASSS CMC Strategy Forum and WCBP 2017 (www.casss.org), Bruker today announced the release of new Biopharma Compass 2.0 (BPC 2.0) software that automates biopharmaceutical ...
Bruker Announces Acquisition of SCiLS GmbH to Advance MALDI Imaging Software ...
PR Newswire (press release) - Jan 4, 2017
BREMEN, Germany, Jan. 4, 2017 /PRNewswire/ -- Bruker today announced the acquisition of SCiLS GmbH in Bremen, Germany. SCiLS develops innovative software tools such as statistical analysis software, sophisticated visualization viewers, and secure ...
Bruker Introduces the new TRACER 5i Handheld XRF Elemental Analyzer System for ...
PR Newswire (press release) - Sep 15, 2016
15, 2016 /PRNewswire/ -- Bruker today introduces the new TRACER™ 5i handheld X-ray fluorescence (XRF) elemental analyzer.
Bruker Corporation (BRKR) Ex-Dividend Date Scheduled for March 06, 2017
Nasdaq - Aug 31, 2016
Bruker Corporation ( BRKR ) will begin trading ex-dividend on March 06, 2017. A cash dividend payment of $0.04 per share is scheduled to be paid on March 24, 2017.
Why Bruker Corp. Is Crashing 12% Today
Motley Fool - Aug 3, 2016
What: After reporting disappointing second-quarter financials and reducing its full year financial forecast, Bruker Corporation (NASDAQ:BRKR) shares were losing 12% of their value at 2 p.m. EDT today. So what: The mid-cap maker of scientific ...
Growth Rate Assumed by Market

We did a reverse valuation to calculate the growth rate the market is assuming for BRKR to be considered fairly valued at its current market price. It's useful to compare this to the growth rate we're assuming for the Growth Price.

Future Free Cash Flow Growth Rate

This is the annual growth rate we've applied to calculate BRKR's Free Cash Flow for the next 10 years. To calculate it, we looked at several time periods of the last 10 years. Feel free to adjust it, but we limit the initial growth rate to 20% and slow it down over the years. Otherwise, long-term sustainability issues come into play.

Discount Rate

The discount rate is the annual rate of return an investor requires to take the risk of investing in a single stock. To account for that risk, this should be above 8-10%, as this is the avg. annual rate of return for the S&P500 over the past 100 years.

$23.19 Current Price

$10.97 Growth Price (DCF)

Overvalued by 52.68%


Growth Rate Assumed by Market: 38.79%


Future Free Cash Flow Growth Rate: 14.1%


Discount Rate: 15.0%


Show Free Cash Flow numbers

$7.54 Stability Price (EPV)

Overvalued by 67.47%


Discount Rate: 15.0%

$0.96 NCA Price

Overvalued by 95.84%

$19.89 Book Price

Overvalued by 14.23%


Inconsistent Cash Return on Invested Capital over the past 5 years

BRKR has somewhat efficiently invested its financial resources in buildings, projects, and equipment. However, there has been some inconsistency from year-to-year. Look at reasons for this inconsistency to determine the likelihood of future sustainability.

BRKR has created $13.45 of cash for every $100 invested.
Figures in USD. Fiscal year ends in December
20122013201420152016
Free Cash Flow 60.30M 94.70M 80.50M 195.00M 93.70M
divided by
Invested Capital 864.00M 901.00M 784.60M 708.00M 783.40M
Cash ROIC 6.98% 10.51% 10.26% 27.54% 11.96%

Growing Return on Equity over the past 5 years

BRKR has been growing returns with capital that shareholders have invested. This is a positive sign and demonstrates that both the business and management performance are improving over time.

BRKR has generated $13.09 of Earnings for every $100 of Shareholders' Equity.
Figures in USD. Fiscal year ends in December
20122013201420152016
Net Income 78.20M 81.80M 59.60M 104.90M 154.50M
divided by
Stockholders' Equity 706.60M 846.10M 765.90M 726.10M 686.40M
Return on Equity 11.07% 9.67% 7.78% 14.45% 22.51%

Excellent Business Performance over the past 10 years

BRKR has been able to maintain profitability in good times and bad. This could mean BRKR has an extremely strong business or has the ability to scale down costs when needed. This should be a fairly resilient business, but double check for future sustainability by looking at its Risk Factors in the Annual Report.

BRKR has created positive free cash flow for 9 or more of the past 10 years.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Free Cash Flow 12.13M 59.50M 133.50M 124.20M 33.30M 60.30M 94.70M 80.50M 195.00M 93.70M

Weak Balance Sheet

BRKR's financial position is not ideal. The key is to check whether BRKR is using debt to fuel its growth and the sustainability of that tendency. Highly capital intensive businesses (see Economic Moat) follow this route, which can deeply impact the future prospects of the business.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Cash 72.88M 167.70M 207.10M 230.40M 246.00M 310.60M 438.70M 497.50M 468.30M 500.30M
Current Assets 395.63M 820.70M 873.50M 1.05B 1.19B 1.31B 1.43B 1.37B 1.23B 1.28B
Total Assets 553.21M 1.12B 1.17B 1.55B 1.71B 1.86B 1.99B 1.86B 1.73B 1.81B
Current Liabilities 252.95M 519.70M 540.20M 831.50M 755.80M 681.80M 648.60M 582.70M 554.60M 524.70M
Total Liabilities 294.55M 804.40M 754.80M 1.03B 1.09B 1.15B 1.14B 1.10B 1.00B 1.12B
Stockholder' Equity 258.66M 311.90M 417.20M 524.70M 621.50M 706.60M 846.10M 765.90M 726.10M 686.40M
Current Ratio 1.56 1.58 1.62 1.26 1.58 1.92 2.21 2.34 2.22 2.43
TL-to-TA 0.53 0.72 0.64 0.66 0.64 0.62 0.57 0.59 0.58 0.62

Consistent Reinvestment of Profits over the past 10 years

BRKR has consistently retained profits. This may put BRKR in a strong position to invest for the future, by buying new machinery, investing in R&D or a number of other options. By effectively using these earnings, BRKR can greatly improve their long-term economic picture.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Retained Earnings 48.25M 172.60M 253.80M 349.20M 441.50M 519.00M 599.10M 655.80M 757.40M 885.20M
Retained Earnings Growth - 257.76% 47.05% 37.59% 26.43% 17.55% 15.43% 9.46% 15.49% 16.87%

Competitive Industry over the past 10 years

BRKR is likely operating in an industry with medium to low barriers to entry. This may mean that BRKR doesn't have a characteristic that's hard to replicate, such as exclusive distribution, branding or the ability to keep costs low. If Gross Margins are at least satisfactory, it's likely that BRKR invests heavily in R&D and Sales, General & Administrative expenses.

Only $6.00 of every $100 of Revenue have been profit, on average over the past 10 years.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Net Income 31.53M 64.90M 81.20M 95.40M 92.30M 78.20M 81.80M 59.60M 104.90M 154.50M
divided by
Revenue 547.58M 1.11B 1.11B 1.30B 1.65B 1.79B 1.84B 1.81B 1.62B 1.61B
Net Profit Margin 5.76% 5.86% 7.29% 7.31% 5.59% 4.37% 4.45% 3.29% 6.46% 9.59%

Strong Pricing Power over the past 10 years

BRKR has maintained substantial gross margins, suggesting that they have been able to set prices without consideration of the cost of goods sold. This potentially leaves flexibility in inflationary environments to raise prices on consumers and maintain profitability.

$49.62 of every $100 worth of sales have been Gross Profit, on average over the past 10 years.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Gross Profit 253.14M 505.00M 518.60M 606.00M 1.47B 831.40M 805.20M 763.30M 708.60M 742.50M
divided by
Revenue 547.58M 1.11B 1.11B 1.30B 1.65B 1.79B 1.84B 1.81B 1.62B 1.61B
Gross Margin 46.23% 45.61% 46.53% 46.44% 89.27% 46.41% 43.78% 42.20% 43.64% 46.08%

High Capital Intensity over the past 10 years

BRKR spends large amounts of capital buying new equipment or investing in new facilities to stay competitive. Over the long term, those costs may have to be fuelled by debt. Look at the growth of Shareholders' Equity to see if this strategy is having a positive or negative impact.

50.44% of Profits are being spent on Capital Expenditures, like Property, Plant, & Equipment, required to run the business.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Capital Expenditure 16.08M 47.40M 16.30M 31.90M 54.40M 72.80M 50.30M 33.80M 34.20M 37.10M
divided by
Net Income 31.53M 64.90M 81.20M 95.40M 92.30M 78.20M 81.80M 59.60M 104.90M 154.50M
Capital Expenditure Ratio 51.00% 73.04% 20.07% 33.44% 58.94% 93.09% 61.49% 56.71% 32.60% 24.01%

Strong Dividend History over the past 10 years

BRKR has consistently distributed a dividend for the past 7 years. This suggests BRKR is established and will likely continue to distribute its dividend for the foreseeable future.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Dividend Paid - 23.40M - 100,000.00 400,000.00 600,000.00 600,000.00 1.10M 1.30M 25.80M
divided by
Shares Outstanding 106.77M 165.60M 164.90M 165.70M 166.90M 167.40M 168.50M 169.50M 169.10M 162.20M
Dividend Paid Per Share - 0.14 - 0.00 0.00 0.00 0.00 0.01 0.01 0.16
Price at Year End 12.97 3.96 12.16 16.80 12.42 15.05 19.86 19.93 24.96 21.18
Dividend Yield - 3.57% - 0.00% 0.02% 0.02% 0.02% 0.03% 0.03% 0.75%

History of Stock Buybacks over the past 10 years

BRKR has some history of delivering increased value for shareholders in the form of stock buybacks. These have helped improve financial metrics and increase each shareholders' relative ownership stake in the company, due to fewer shares outstanding and holding the same number of shares.
Figures in USD. Fiscal year ends in December
2007200820092010201120122013201420152016
Shares Outstanding 106.77M 165.60M 164.90M 165.70M 166.90M 167.40M 168.50M 169.50M 169.10M 162.20M
Stock Bought Back - -35.53% 0.42% -0.48% -0.72% -0.30% -0.65% -0.59% 0.24% 4.25%
Share your thoughts about BRKR

Sign Up or Log In to start contributing!


Discussion

Nothing here yet. Be the first to post!